Guideline Value for Rajaji Nagar 1st Street

Rajaji Nagar 1st Street guideline value

The current guideline value of Rajaji Nagar 1st Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Rajaji Nagar 1st Street has changed

The guideline value for Rajaji Nagar 1st Street has seen several revisions over the years. The oldest recorded revision is from 2007, when the value was Rs 2,000 per sq.ft. This increased significantly to Rs 6,500 per sq.ft in 2012, but then decreased to Rs 4,355 per sq.ft in 2017. The subsequent revision in 2023 saw a notable increase to Rs 6,500 per sq.ft, and the latest revision in 2024 set the value at Rs 7,100 per sq.ft. The register has no figures for the years 2002 and 2003.

From 2007 to 2012, the guideline value increased by 225%, but then it decreased by 33% from 2012 to 2017. After that, there was a significant increase of 49% from 2017 to 2023. The overall change from 2007 to 2024 is an increase of 255%.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which means that Rajaji Nagar 1st Street's 2024 guideline value is below this median.

• Rajaji Nagar 2nd Street: Rs 7,100 per sq.ft (2024)
• Rajaji Nagar 3rd Street: Rs 7,100 per sq.ft (2024)
• Rajaji Street (North): Rs 7,100 per sq.ft (2024)
• Pycrofts Garden Road: Rs 13,200 per sq.ft (2024)
• Pushpa Nagar (Slum Area): Rs 6,600 per sq.ft (2024)
• Pushpa Nagar Main Road: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Rajaji Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000. Together, these fees total Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajaji Nagar 1st Street?

The Sub Registrar Office that covers Rajaji Nagar 1st Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Nungambakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to ensure that the transaction is registered at a fair value, which is essential for both the buyer and seller. This helps in maintaining transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Rajaji Nagar 1st Street?

The current guideline value of Rajaji Nagar 1st Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 2,000 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 255% over the years.

What is the median guideline value for streets in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, which is higher than the current value for Rajaji Nagar 1st Street.

What fees are associated with property registration in Rajaji Nagar 1st Street?

When registering property in Rajaji Nagar 1st Street, the stamp duty is calculated at 7% of the guideline value, and the registration fee is 2% of the guideline value.

Where can I find the Sub Registrar Office for Rajaji Nagar 1st Street?

The Sub Registrar Office for Rajaji Nagar 1st Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.